Pyunom Penh Commercial Bank (PPCBank), a subsidiary of Jeonbuk Bank under JB Financial Group, and International Finance Corporation (IFC) said on May 7 that it has signed a business agreement to "expand loans to small and medium-sized Cambodian companies through mutual risk sharing."
IFC, a World Bank organization aimed at promoting private sector development in developing countries, will jointly cover up to $30 million in risk over the next five years for small and medium-sized companies in Cambodia through the PPCBank agreement.
A total of $520 million (5,500) in loans will be provided to small and medium-sized companies in Cambodia through the PPCBank.
"Although Cambodia has been growing at an annual rate of 7.7 percent over the past two decades, about 66 percent of Cambodia`s small- and medium-sized companies have financial difficulties," said Shin Chang-moo, head of PPCBank. "This PPCBank and IFC agreement will be of great help to small and medium-sized companies in Cambodia and I'm very happy to see PPCBank emerge as a bank representing Cambodia."
JB Financial Group is a comprehensive financial group with Jeonbuk Bank, Kwangju Bank, JB Woori Capital and JB Asset Management as its subsidiaries and PPCBank and JB Capital Myanmar as its grandchildren.